INVESTING IN GROWTH IN LIQUID GAS

20 Aug 2024

One of our strategic objectives is to grow our liquid gas business by 50 per cent between 2022 and 2030, including through acquisitions. We made further strong progress against this objective during the year under review.

Acquisition of San Isabel Services Propane

In August 2023, DCC Propane completed the acquisition of San Isabel Services Propane in Colorado. This is the 13th acquisition completed since our original acquisition of DCC Propane in 2017. We expect DCC Propane to continue to provide attractive opportunities for investment into the future.

Acquisition of Progas

In February 2024 we completed the acquisition of Progas GmbH. Progas is a leading distributor of liquid gas in Germany, serving a loyal customer base of over 70,000 domestic and commercial customers. Progas distributes the equivalent of approximately 330 million litres of liquid gas annually through its nationwide supply (including two importation terminals) and filling and distribution network, and employs approximately 350 people.

Progas substantially enhances our presence in Germany and, along with TEGA, our other German liquid gas business, creates a strong platform to cross-sell our growing range of energy management services to German customers.

Focus on Supply and Trading and Renewable Liquid Gas

A key component of growing our liquid gas business is developing both our supply and trading capabilities and our capability in renewable liquid gases. During the year we set up a Supply and Trading hub to bring additional skills and focus on the supply of liquid gas. In addition, we appointed a Director of Sustainable Gas, tasked with growing the supply of lower carbon liquid gases throughout the division. These steps have generated immediate commercial benefits while also enhancing our sourcing capabilities in key areas.